KARACHI (July 10 2003) : Nasir M. Chandna, acting president, Karachi Chamber of Commerce and Industry (KCCI), has urged the Federal Finance Minister Shaukat Aziz to withhold the implementation of SRO 507 (I)/2003 dated 7-6-2003 as amended by SRO 592(I)/2003 dated 19-6-2003 prohibiting the supply of manufactured goods to unregistered persons, and changes made under section 73 of Sales Tax Act 1990 vide Finance Act 2003 for claiming input tax credit, adjustment or refunds, etc as these had created confusion and a chaos about their practicability among the trade and industry till the decision of the anomaly committee.
He said, “The manufacturers availing concessions on import of raw material, etc, have been restricted to supply the goods to unregistered retailers.
This condition will restrict growth of industry in organised sector and encourage smuggling and black economy.
This is an irritant, as the government has miserably failed to register a significant number of retailers, and now it wants trade and industry to force them (retailer) for registration”.
Similarly, the KCCI acting chief said the amendment made to section 73 of the Sales Tax Act, 1990 had also created confusion among both the sellers and the buyers about the admissibility and the entitlement of claiming input tax credit and its time period.
He said both these cases of hardship had already been sent to the anomaly committee, constituted by the government for this purpose, which would consider them in its meeting to be held in near future, and as such, the implementation on both of these provisions be postponed till the decision.
